Reversionary trust definition

Reversionary trust means a trust established by a political subdivision for the exclusive benefit of the claimant to pay the medical care and related benefits as they accrue, including without limitation reasonable and necessary amounts for all diagnosis, cure, mitigation, or treatment of any disease or condition from which the injured person suffers as a result of the injuries, and the sequelae thereof, sustained by the claimant on the date the injury was sustained. The trustee shall have the same fiduciary duties as imposed upon a trustee by the Louisiana Trust Code. Nothing herein shall limit the rights of claimants to contract with respect to attorney fees and costs.
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Related to Reversionary trust

  • Academy Trust shall include any company in which the Academy Trust: • holds more than 50% of the shares; or • controls more than 50% of the voting rights attached to the shares; or • has the right to appoint one or more directors to the board of the company.

  • unit trust means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property.

  • the Academy Trust means the company intended to be regulated by these Articles and referred to in Article 2;

  • Family Trust means, with respect to any natural Person, a trust, limited partnership or limited liability company benefiting solely such individual and/or the Family Members of such individual.

  • Real estate investment trust means any corporation, trust or association qualifying and electing to be taxed as a real estate investment trust under federal law.